Press Release

November 3, 2016

Verastem Announces Presentations at ASH Annual Meeting

BOSTON--(BUSINESS WIRE)--Nov. 3, 2016--
Verastem, Inc. (NASDAQ:VSTM), focused on discovering and developing
drugs to treat cancer, today announced that new data for duvelisib, an
investigational, oral, dual inhibitor of phosphoinositide-3-kinase
(PI3K)-delta and PI3K-gamma, will be presented at the American Society
of Hematology (ASH) 2016 Annual Meeting, being held December 3-6, 2016
in San Diego.

Data from DYNAMO®, a Phase 2 monotherapy study evaluating the efficacy
and safety of duvelisib in relapsed/refractory iNHL, will be presented
in an oral session. Updated data from CONTEMPO, a Phase 1b/2 study
evaluating duvelisib in combination with rituximab or obinutuzmab in
treatment-naïve follicular lymphoma patients, and preclinical research
on the role of Focal Adhesion Kinase (FAK) inhibition in AML, will be
presented in a poster session.

The tumor microenvironment encompasses various cellular populations and
extracellular matrices within the tumor or cancer niche that support
cancer cell survival. This includes immunosuppressive cell populations
such as regulatory T cells, myeloid-derived suppressor cells, M2
tumor-associated macrophages, as well as tumor-associated fibroblasts
and extracellular matrix proteins which can hamper the entry and
therapeutic benefit of cytotoxic immune cells and anti-cancer drugs. In
addition to targeting the proliferative and survival signaling of cancer
cells, Verastem’s compounds duvelisib, defactinib, VS-4718 and VS-5584
also target the tumor microenvironment as a mechanism of action to
potentially improve a patient’s response to therapy.

About Duvelisib

Duvelisib is an investigational, dual inhibitor of phosphoinositide
3-kinase (PI3K)-delta and PI3K-gamma, two enzymes that are known to help
support the growth and survival of malignant B cells and T cells. PI3K
signaling may lead to the proliferation of malignant B cells and is
thought to play a role in the formation and maintenance of the
supportive tumor microenvironment.1,2,3 Duvelisib is
currently being evaluated in late- and mid-stage clinical trials,
including DUO®, a randomized, Phase 3 monotherapy study in patients with
relapsed/refractory chronic lymphocytic leukemia (CLL)4, and
DYNAMO®, a single-arm, Phase 2 monotherapy study in patients with
refractory indolent non-Hodgkin lymphoma (iNHL) that achieved its
primary endpoint of overall response rate upon topline analysis of
efficacy data5. Duvelisib is also being evaluated for the
treatment of hematologic malignancies through investigator-sponsored
studies, including T cell lymphoma.6 Information about
duvelisib clinical trials can be found on www.clinicaltrials.gov.

About Verastem, Inc.

Verastem, Inc. (NASDAQ:VSTM) is a biopharmaceutical company focused on
discovering and developing drugs to improve outcomes for patients with
cancer. Verastem is currently developing duvelisib, a dual inhibitor of
phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma, which has
successfully met its primary endpoint in a Phase 2 study and is
currently being evaluated in a Phase 3 clinical trial in patients with
chronic lymphocytic leukemia (CLL). Other clinical product candidates
include focal adhesion kinase (FAK) inhibitors VS-6063 and VS-4718, and
dual PI3K/mTOR inhibitor VS-5584. VS-6063 is currently being evaluated
in three separate clinical collaborations in combination with
immunotherapeutic agents for the treatment of several different cancer
types, including pancreatic, ovarian and non-small cell lung cancer, and
mesothelioma. Verastem’s product candidates seek to treat cancer by
modulating the local tumor microenvironment, enhancing anti-tumor
immunity and reducing cancer stem cells. For more information, please
visit www.verastem.com.

Verastem, Inc. forward-looking statements notice:

This press release includes forward-looking statements about Verastem’s
strategy, future plans and prospects, including statements regarding the
development and activity of Verastem’s product candidate duvelisib, and
Verastem’s PI3K/mTOR program generally, the structure of our planned and
pending clinical trials and the timeline and indications for clinical
development, including reporting top-line data, and regulatory
submissions and, our rights to develop or commercialize our product
candidates. The words “anticipate,” “appear,” “believe,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement. Applicable risks and
uncertainties include the risks that the preclinical testing of
Verastem’s product candidates and preliminary or interim data from
clinical trials may not be predictive of the results or success of
ongoing or later clinical trials; that data may not be available when
expected, including for the Phase 3 DUO study; that enrollment of
clinical trials may take longer than expected; that our product
candidates will cause unexpected safety events or result in an
unmanageable safety profile as compared to their level of efficacy; that
duvelisib will be ineffective at treating patients with lymphoid
malignancies; that Verastem will be unable to successfully initiate or
complete the clinical development of its product candidates; that the
development of Verastem’s product candidates will take longer or cost
more than planned; that Verastem may not have sufficient cash to fund
its contemplated operations; that Verastem or Infinity will fail to
fully perform under the license agreement; that the transition of the
duvelisib program from Infinity will not be completed; that Verastem
will not pursue or submit regulatory filings for its product candidates,
including for duvelisib in patients with CLL or iNHL; and that
Verastem’s product candidates will not receive regulatory approval,
become commercially successful products, or result in new treatment
options being offered to patients. Other risks and uncertainties include
those identified under the heading “Risk Factors” in Verastem’s Annual
Report on Form 10-K for the year ended December 31, 2015 and in any
subsequent SEC filings. The forward-looking statements contained in this
press release reflect Verastem’s current views with respect to future
events, and Verastem does not undertake and specifically disclaims any
obligation to update any forward-looking statements.

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